The life of a single parent is difficult and has many challenges. Nonetheless, overcoming these challenges could be a source of great personal satisfaction. Many support mechanism are in place to assist single parents in successfully meeting the challenges of raising a family. Among those that can help are single-parent support groups and organizations, as well as church networks. Many foundations offer financial aid through grants and loans for single parents.
Much information on these support mechanisms for the single parent could be found in the Single Parents’ Cash and Sources Guide. Available online, this information source can be accessed for free. Many practical tips are contained in this guide. Among these is how to best approach a foundation. One advice is giving priority on those foundations specifically addressing single parents. Phone calls to these foundations are ideal in order to get a faster response regarding loan information. There are even loans for single moms available specifically for single women raising kids.
The guide suggests that single parents must carefully follow the foundation’s application process. Some foundations require detailed proposals, containing such information as references and proof of income. Others simply want a letter. Individual letters should be written and sent to each foundation or organization. Positive results are unlikely if form letters are used. Single parent grants are very competitive so you want to make sure you put your best foot forward.
There are foundations, which do not give loans for single parents directly. The loans are granted through non-profit groups. Therefore, these groups are also important for single parents. These groups and agencies are usually listed under the “social service” category of the telephone directory’s yellow pages. A church group which may be familiar with a single parent’s case is another source of potential assistance. Single mother college money are often available through women’s groups or women owned businesses.
Loans for single parents could likewise be secured in underserved communities’ outreach programs. These programs serve as loan conduits for some banks which have recognized a growing market in groups traditionally with limited access to financing. These big lenders now want to tap this growth market.
Statistics show that there is really a market for such type of loans. A 20% annual growth in small business owned by minorities has been noted by the Census Bureau. This gain also indicates the growing need for government to grant more business loans for single parents. This demand growth is being addressed at the Small Business Administration. At present, 25% additional assistance has been extended to women under the agency’s financing guarantee program.
Coping with single parenthood should also extend beyond seeking loans. Single parents can avail of federal and state government programs. One is the TANF (Temporary Assistance for Needy Families). Skills training and job placement, and securing food stamps as well as financial help are the benefits that could be sought from this agency. For help with heating bills, the government body to go to is the LIHEAP (Low Income Housing Energy Program). Many practical solutions are available to make a decent living, provided a single parent is resourceful enough.